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Iraqi oil company Gulf Keystone put itself up for sale | ||
| 16/04/2015 | ||
Headquartered at London, the company stated that in its full-year 2014 announcement gross production was 6.4 million barrels of oil, up from the 496,921 barrels produced in 2013. Growth potential for this year is substantial. At Shaikan reserve area in the Kurdish north of Iraq, production was resumed in the month of March, after it received the payments for future crude sales. Production is now expected to increase to levels consistent with the installed capacity of 40,000 barrels of oil per day. In 2014, Chairman Andrew Simon stated that his company was able to move forward with production in Iraq despite security challenges tied to the regional rise of the terrorist group calling itself the Islamic State. Net losses for the company were substantial. The company said revenues for full-year 2014 were $38.6 million, but it was owed another $100 million for crude oil export sales. Simon said "all avenues" are open for rebuilding shareholder value. In a statement, he said, "The company is continuing to engage in discussions with interested parties in relation to possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding." For 2015, the company said it aimed to keep production rates from its Kurdish assets at around 36,000 bpd and manage its expenses in "a responsible and prudent manner, continuing to review and control capital commitments." | ||
Last Update:: 16/04/2015 | ||
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